CBN to promote N15tn infrastructure company
The Central Bank Governor, Godwin Emefiele, has said that the country will support InfraCo Plc, a world-class infrastructure development vehicle with combined debt and equity capital of N15tn, as part of efforts to stimulate local production in the country.
Emefiele in a document obtained by our correspondent on Tuesday was quoted as saying this in a presentation titled, ‘Turning the COVID-19 tragedy into an opportunity for a new Nigeria’.
He said this was necessary in view of the impact of the COVID-19 pandemic globally, which was making many developed countries to ban exportation of goods hitherto imported into the country.
To this effect, he said it had developed a policy response timeline to guide the crisis management and the orderly reboot of the Nigerian economy.
Emefiele said, “The CBN will promote the establishment of InfraCo Plc, a world-class infrastructure development vehicle, wholly focused on Nigeria, with combined debt and equity take-off capital of N15tn, and managed by an independent infrastructure and fund manager.
“This fund will be utilised to support the Federal Government in building the transport infrastructure required to move agriculture products to processors, raw materials to factories, and finished goods to markets as envisaged by the CBN.”
He said around the world, countries had moved away from multilateralism and responded by fighting for themselves with several measures to protect their own people and economies, regardless of the spill-over effects on the rest of the world.
While quoting the World Customs Organisation, he said a total of 32 countries and territories adopted stringent and immediate export restrictions on critical medical supplies and drugs that were specially meant to respond to COVID-19.
“As of 10 April 2020, an updated count of total export restrictions by the Global Trade Alert Team at the University of St. Gallen, Switzerland suggests a total of 102 restrictions by 75 countries,” he said.